That is a waterfall effect of a down move. Previous top @ 4720-4745 is a logical support (Previous resistance becoming support during a fall).
Tuesday, October 27, 2009
Nifty's 3rd wave down..
If the 1st went down from 5182 to 4968 and the second (5052-4962-5033) to 5033, the third should reach 4819 minimum ( 5033-214=4819(5182-4968=214)).
That is a waterfall effect of a down move. Previous top @ 4720-4745 is a logical support (Previous resistance becoming support during a fall).
That is a waterfall effect of a down move. Previous top @ 4720-4745 is a logical support (Previous resistance becoming support during a fall).
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...
5 comments:
so, should one exit out of Oct series shorts at 4819 Spot or wait till 4750-4790 Spot Level tomorrow??
Hi..Rishi,
F&O section had a huge volume which is typical of a settlement day. Sometimes the "unwinding" takes place 1 or 2 days before the settlement. We need to wait for global cues to take that call.
Will update in the morning.
sir, any new hi for this year?[above 5170]
Hi..Saravanan,
I am not thinking that far ahead..2 months.
I try to follow the prices as much as possible and try not to have my own opinion. The days I have my opinions, I make mistakes..
The way individual stocks are falling and the indices, it does not look that a reversal is possible in the next month. We should reevaluate then.
Perhaps the real NIFTY support lies between 4743(-20) to 4786(+25) and strong resistance 4950(+20 or - 25).
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